Ocwen is a loan servicing company who *has* been willing to reduce principle balances for the right case in a loan modification. They are cutting edge, and this might help explain it.
From a company press release:
Over the past 10 years, Ocwen has invested more than $100 million in designing and refining its REALServicing(r) and REALResolution(r) systems. The technology uses artificial intelligence, rules-based systems, scripting engines and net present value cash flow algorithms to enable Ocwen to apply common elements quickly across a range of modifications, while still allowing for an analytic approach to individual loans. Ocwen has also recently established a Psychology Department, staffed with academics, to help the company's loan analytics experts integrate behavioral sciences into decisioning models. "The goal here is to remove variability from key processes and make interactions with delinquent customers more effective so we can reach successful resolutions faster," said Ocwen CEO William C. Erbey.
If you have an Ocwen loan, (and there are a few others who will "deal"), talk to us at ModifyMeDown.com